Aveng final results 30 June 2015

Tuesday 18th August, 2015
Revenue decreased to R43.9 billion (R53 billion). Gross earnings lowered to R2.4 billion (R3.6 billion). Net operating loss rose came in at R288 million (profit of R799 million), while loss for the period attributable to equity-holders of the parent widened to R460 million (loss of R381 million). In addition, headline loss per share came in at 144.3cps (earnings of 112.5cps).

Outlook and prospects
Aveng is not expecting an improvement in its key market in the short-term and will continue to focus on the recovery of underperforming businesses, resolving unsettled claims and preserving its balance sheet. There are attractive opportunities in Australia, New Zealand and Southeast Asia in particular. Although substantially lower revenue is expected for the construction business, the Group anticipates improved profitability. The Mining and Steel businesses will remain constrained by a challenging operating environment. Manufacturing will continue to focus on growth opportunities and improved financial performance.

Overall the realisation of structural improvements and improved project delivery, should result in an improved performance in the 2016 financial year.
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